Court :- Hon’ble Bombay High Court
In this Judgment it was categorically held by the Hon’ble Bombay High Court that Sec. 122(1A) applies where a person retains the benefit of the covered transaction and the transaction is conducted at his instance; penal statutes must be strictly construed, and Article 20(1) prohibits retrospective penal operation. Further Sec. 122(1A) is not to be invoked casually against employees or officers of a company. The Department must show both: retention of benefit and that the transaction was done at the person’s instance.